PFG Best/Pergrine Futures Customer Account Class Action Lawsuit

Court:
United States District Court for the Northern District of Illinois

Product:Futures Accounts of PFG Best customers

Class Period Start:June 1, 2012

Berger & Montague has been named co-lead counsel in a class
action on behalf of futures account holders of PFG Best/Peregrine,
whose segregated account funds have been effectively frozen
following reports of "accounting irregularities" at the futures
brokerage firm and a reported suicide attempt by its founder and
owner Russell R. Wasendorf, Sr. The complaint in the action
is available
here. The court's order appointing Berger & Montague
as co-lead counsel is available here.

In addition to the PFG Best case, Berger & Montague also
currently serves as co-lead counsel in a class action that seeks
the return of approximately $1.6 billion in segregated funds
belonging to former commodity account customers of MF Global.

According to Reuters:

Small U.S. futures broker PFGBest
said its accounts had been effectively frozen on Monday after a
suicide attempt by the firm's founder set off an investigation into
possible "accounting irregulaties." In a dramatic turn that seems
likely to trigger a new round of anxiety over the stability of the
brokerage industry less than a year after the collapse of much
larger MF Global, the Cedar Falls, Iowa-based firm told customers
that they would be limited to liquidating positions until further
notice.

The disclosure came hours after
founder and owner Russell R. Wasendorf, Sr., was found in his car
near the company's headquarters having apparently attempted to
commit suicide, according to the local WCF Courier news website. He
is in critical condition at the University of Iowa Hospitals.

PFGBest told clients that the
National Futures Association (NFA) and other officials had put its
funds on hold, and that it was in liquidation-only status with its
futures commission merchant (FCM), which is responsible for
clearing trades.

"What this means is no customers are
able to trade except to liquidate positions. Until further notice,
PFGBEST is not authorized to release any funds," the note said.

One broker at the firm said that
Wasendorf's son, Russ Wasendorf, Jr, told employees about the
events earlier in the day, saying that a suicide note had been
found alluding to some kind of financial troubles with the
company.

"Everybody here is obviously in
shock," said the broker, adding that some employees had begun
packing up their desks shortly after the announcements.

"Pretty much everybody around here
said we're doomed."

With about $400 million in so-called
"segregated accounts", less than a tenth as much as MF Global at
the time of its bankruptcy, the fallout will likely be more
contained. But news of more financial troubles in the brokerage
industry still threatens to further erode confidence in the
sector.

There was no indication that
segregated funds had been breached, as is suspected with MF
Global.

PFGBest officials were not
immediately available to comment

If you have been affected by PFGBest's conduct described
about, you may be entitled to financial compensation. For
questions about this potential case, please contact Michael
Dell'Angelo at (215) 875-3080 or by email at
mdellangelo@bm.net.